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Daily Forecast
USD/JPY
The USDJPY continued its bearish momentum yesterday and hit 118.35 earlier today. The bias remains bearish in nearest term testing 118.00. Immediate resistance is seen around 119.15. A clear break above that area could lead price to neutral zone in nearest term testing 119.50 - 120.05 area which remains a good place to sell with a tight stop loss. Fundamental focus will be on the US ADP Non-Farm Employment Change, Trade Balance and the FOMC meeting minutes.
Look carefully at this chart,GBP/JPY.....The price move exactly in same direction...GBP/JPY move more...If USD/JPY
move 10 pips,GBP/JPY move 14-15 pips or mabe more....
They have very good correlation....
Take Care...!!!